CORE CONCEPTS OF

MARKETING.

BY
CHITANIYA
 CONSEPTS

Exchange, Marketing
Needs, Wants & Value, Cost &
Products Transactions & Markets &
demands Satisfaction
Relationships. Marketers.
MARKETING
 “Marketing is so basic that it cannot be
considered a separate function. It is the
whole business seen from the point of
view of its final result, that is, from the
customer’s point of view.”
DEFINITIONS OF MARKETING
MANAGEMENT.

 Marketing is the process of planning and

executing the conception, pricing, promotion,
and distribution of ideas, goods, and services to
create exchanges that satisfy individual and
organizational objectives.
American Marketing Association(AMA)
NEEDS
 A human need is a state of felt deprivation of
some basic satisfaction….
WANTS
 Wants are desires for specific satisfiers of these
deeper needs.

 While people needs are few, their wants are

many.
DEMAND

 These are wants for specific products that

are backed by an ability & willingness to
buy them.
PRODUCTS

 These are anything that can be offered to satisfy

a need or a want.

The importance of physical product lies not so

much in owing them as in obtaining the
services they render.
VALUE, COST & SATISFACTION –

1. Product value 1. Monitory cost

2. Service value 2. Time cost
3. Personnel value 3. Energy cost
4. Image value 4. Psychic cost
EXCHANGE, TRANSACTIONS &
RELATIONSHIP

 Exchange is one of the four ways people can

obtain products.
a. Self production.
b. Coercion.
c. Begging.
d. Exchange.
CONDITIONS

1. At least two parties.

2. Each party has something that might be of
value to the other party.
3. Each party is capable of communication &
delivery.
4. Each party is free to accept or reject the
offer.
 Transactions – These are basic unit of exchange. A
transaction consists of a trade of values between
two parties.

 Dimensions of transactions.
1. At least two things of value.
2. Agreed upon conditions.
3. A time of agreement.
4. A place of agreement.
RELATION

 Relation is the base for both exchange and

transaction.
THE MARKETING CONCEPT.

 The marketing concept holds that the key to

achieving organizational goals consists in
determining the needs & wants of target markets
& delivering the desired satisfaction more
effectively & efficiently than competitors.
MARKETING CONCEPTS

 Finds wants and fill them,

 Make what will sell instead of trying to sell
what you can make.
 Love the customer and not the product.
MARKETING
 It means Working with markets to actualize
potential exchanges for the purpose of satisfying
human needs & wants